Hackettstown Commerce Park in— Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has sold a nearly 200,000-square-foot flex and industrial park in Hackettstown, along with roughly eight acres of developable land nearby.
The Morristown-based firm said Tuesday that it sold the three-building complex to Devli Group. Known as Hackettstown Commerce Park, the 88 percent leased portfolio spans 197,438 square feet and includes 101 Bilby Road, 103 Bilby Road and 715 Willow Grove St., offering quick access to Route 46 and Interstate 80.
The park features flexible unit sizes from 2,600 square feet to 30,000 square feet, with 24-foot to 25-foot clear ceilings and ample parking, Hampshire said in a news release. The firm also touted the property’s proximity to Hackettstown Medical Center, Mars Chocolate’s North American headquarters, the International Trade Center and Picatinny Arsenal, all of which serve as draws for tenants in the area.
Current tenants at the complex include the U.S. Department of Agriculture, Andrex, Rollon, Computer Wholesalers Inc., Rotarex and On-Demand Technology Solutions.
“New Jersey’s northwest industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” said Igor Derbaremdiker, director of dispositions for Hampshire. “Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro-forma.
“The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
The deal also includes 2.74 acres of excess developable land at 717 Willow Grove St. and another 5.13 acres at 713 Willow Grove St.
“We’re confident in New Jersey’s industrial market as we believe it will continue to see strong demand from the rise and continuing growth of the e-commerce sector,” said Erol Devli, the firm’s founder and CEO. “Hackettstown Commerce Center is a high-quality, well-maintained complex that caters to this need in the market. Our team is very pleased with the acquisition and excited about adding this asset to our portfolio.”
Cushman & Wakefield brokered the sale.
“Multitenant industrial is in great demand in Northern New Jersey, and Hackettstown Commerce Park offers a diverse rent roll including distribution, fulfillment and light assembly operations,” said Andrew Merin of Cushman & Wakefield, whose firm represented the seller and procured the buyer.
Merin headed the assignment with fellow Metropolitan Area Capital Markets team members David Bernhaut, Gary Gabriel, Brian Whitmer, Andrew Schwartz, Kyle Schmidt and Ryan Larkin, along with industrial leasing specialist Jason Barton.
“Leasing velocity during the marketing process and closing period further demonstrated the property’s demand,” Schwartz said. The offering drew robust touring and multiple qualified bidders.”
